/THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES./
CALGARY, AB, July 16, 2020 /CNW/ - Sylogist Ltd.
(TSXV: SYZ) ("Sylogist" or the "Company"), a leading
provider of cloud based ERP and CRM software solutions to the
public sector, is pleased to announce that it has entered into a
commitment letter with a Canadian chartered bank to obtain access
to a $40 million credit facility. The
commitment includes capacity to expand the credit facility subject
to certain terms and conditions. The primary purpose of the credit
facility is to fund acquisitions. The credit facility can also be
used for general corporate purposes.
Availability under the credit facility is subject to the
completion and registration of certain security and ancillary
documentation. The credit facility is committed for the first
year, and renewable annually subject to agreement between the
lender and Sylogist, during which time Sylogist will pay no standby
or commitment fees. Credit provided will carry a floating interest
rate of the Canadian prime bank rate, currently 2.45%.
"The credit facility significantly increases Sylogist's capacity
for transformative acquisitions. Together with cash on hand, we now
have access to over $80 million with
which to grow the Company. Low fees and flexible terms will allow
us to modestly leverage our capital structure while maintaining
industry-leading cash flow. As we position our highly profitable
platform for expansion, this credit will help accelerate Sylogist's
growth" stated Jim Wilson, President
and CEO.
About Sylogist
Sylogist is a technology innovation company that, through
strategic acquisitions, investments and operations management,
provides intellectual property solutions to a wide range of Public
Sector customers. We are an industry-leading publisher
of mission-critical software products that satisfy the unique and
sophisticated functionality requirements of Public Sector entities,
including nonprofit organizations, educational institutions and
government agencies, as well as public compliance driven and funded
businesses. Our Company delivers highly scalable, multi-language,
multi-currency software solutions, which serve the needs of an
international clientele.
The Company's stock is traded on the TSX Venture Exchange under
the symbol SYZ. Information about Sylogist can be found at
http://www.sylogist.com.
Forward-looking Statements
Certain statements in this news release may be
forward-looking statements within the meaning of applicable
securities laws and regulations. These statements typically
use words such as expect, believe, estimate, project, anticipate,
plan, may, should, could and would, or the negative of these terms,
variations thereof or similar terminology. By their very nature,
forward-looking statements are based on assumptions and involve
inherent risks and uncertainties, both general and specific in
nature. It is therefore possible that the beliefs and plans
and other forward-looking expectations expressed herein will not be
achieved or will prove inaccurate. Although Sylogist believes that
the expectations reflected in these forward-looking statements are
reasonable, it provides no assurance that these expectations will
prove to have been correct. Forward-looking information
involves risks, uncertainties and other factors that could cause
actual events, results, performance, prospects and opportunities to
differ materially from those expressed or implied by such
forward-looking information. Forward-looking information in this
news release includes statements with respect to the Company
entering into a credit facility and the terms thereof, pursuing
acquisitions and the Company modestly leveraging its capital
structure. Material assumptions and factors that could cause actual
results to differ materially from such forward-looking information
include the Company entering into a credit facility and its ability
to enter into acquisitions. Although Sylogist believes that the
material assumptions and factors used in preparing the
forward-looking information in this news release are reasonable,
undue reliance should not be placed on such information, which only
applies as of the date of this news release, and no assurance can
be given that such events will occur. Sylogist disclaims any
intention or obligation to update or revise any forward-looking
information, whether as a result of new information, future events
or otherwise, other than as required by law.
- Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release-
SOURCE Sylogist Ltd.